Good morning, everyone, and welcome to Sabio Holdings' third quarter 2025 earnings call. The financial statements and management discussion and analysis are available on SEDAR Plus. Today is Tuesday, November 25, 2025. Joining us are Sabio's Founder and Chief Executive Officer, Aziz Rahimtoola, and our Chief Financial Officer, Sajid Premji. After management's remarks, we will open the call for questions. Analysts may raise your virtual hand, and investors may submit questions in the question and answer window. Before we begin, please note that today's remarks may contain forward-looking information. These statements involve known and unknown risks and uncertainties. Please refer to our filings on SEDAR Plus for more information. All figures are stated in U.S. dollars unless otherwise noted. With that, I'll turn it over to Aziz.
Thank you, Martin, and good morning, everyone. Let me begin with an honest look at the environment we operated in during the third quarter. The overall market conditions were best described as chaotic. Many advertisers front-loaded budgets into the first and second quarters, and government spending cutbacks created a ripple effect across the advertising ecosystem. As a result, advertising revenue was pressured in the third quarter. Despite those challenges, our team stayed laser-focused on the plan we laid out early in the year, a plan built around diversification, scalability, and building a business that performs consistently even when the broader market does not. That focus delivered results. We achieved growth in the first half of approximately 34% and year-to-date growth of 10% when normalized for political spending in what is traditionally our softest quarter of a non-political year. This quarter is not about temporary macro headwinds.
It's about how Sabio executed through them and how the business we built over the past 18 months is structurally stronger, more resilient, and more diversified than at any point in our history. Before we get into the details of how we transform a business's quarter in a meaningful way, I want to take you back to who we were just a few short years ago in 2020. That year, we were a mobile display company whose ad-supported streaming revenue was in the single digits. In contrast, today, we are delivering more than 70% of our revenue in ad-supported streaming, which is one of the fastest-growing segments in advertising. While our transition into ad-supported streaming was consequential, the transformation of our company's quarter is defining. Just one year ago, Sabio relied on a single United States product for nearly 100% of our revenue.
Today, we operate across three distinct product lines, each with strong momentum. Advertising-supported connected television via programmatic, mobile video, and performance marketing. Creator Television, our creator-led streaming network. All of this powered by, while simultaneously sending data to our App Science, 80 million household data graph. In parallel, we built a meaningful international presence led by the United Kingdom, giving Sabio multi-geography exposure for the first time. These shifts generated tangible acceleration. We moved from 4% growth in first quarter to 40% growth in third quarter of our emerging categories. Sabio is no longer a one-product, one-market business. We are now multi-product, multi-market, multi-channel, data-driven, and built for scale. This is exactly the platform required to compete and win. In advertising-supported streaming, enters into next major growth cycle.
Our product transformation is showing up clearly in the numbers, and momentum remains strong across all of our new product lines. Creator Television continues to scale across major advertising-supported video on demand partners. We saw over 38% month-over-month growth in unique viewers across platforms such as Plex, Live TV, Sling TV, Comcast Xumo, Amazon Fire TV, and Roku. Distribution and viewership continues to climb as more partners onboard and expand our reach. Programmatic buying is accelerating. We delivered over 57% month-over-month growth in programmatic sales this year, and programmatic now accounts for 20% of our total sales mix. This is where we have a key advantage in our App Science household proprietary graph and complete tech stack. When brands turn on our programmatic offering, the household graph has them coming back for more. In fact, despite this being a new offering, we are seeing an 85% renewal rate.
When combining that with our record number of new nameplates, we are starting to build momentum for 2026. In addition, our international strategy is performing exceptionally well. Revenue grew over 257% year over year, representing 90% of the total sales mix in third quarter. In parallel, our App Science measurement capabilities continue to drive brand validation and strengthen campaign performance, while mobile performance marketing remains solid and complementary. These new product lines have become real growth engines for Sabio, expanding our revenue base, strengthening diversification, and increasing the resiliency of the business as we enter into a strong 2026 political cycle. More than 90% of all advertising-supported streaming spending now occurs programmatically, including in political and advocacy. Our early investments in programmatic infrastructure, supply integrations, and data positioning via our proprietary App Science graph means we benefit from this trend as it accelerates.
As programmatic expands within our mix, it enhances our operating leverage, improves yield efficiency, and drives more predictable quarter-to-quarter performance. Our top-line performance and customer metrics demonstrate the durability of our model and the growing adoption of our expanded product suite. Top-line results. Advertising-supported streaming revenue increased 30% year over year, excluding political and advocacy spending. International revenue increased 257% year over year, now 8% of our total sales. Recurring revenue remains strong at 85%, excluding political advertising. 182% year-to-year growth in new logos. Nearly 70% of major 2020 customers increased their spend with Sabio. Continued expansion across connected television and over-the-top streaming environments. These metrics underline expanded demand, strengthening diversification, and increasing validation of our long-term strategy. With that, I'll turn it over to our CFO, Sajid Premji. Sajid?
Thank you, Aziz. Our third-quarter results aligned with what we typically expect in a non-political year, where advertisers' budgets are weighed more heavily towards the first half than in political years. Even with the seasonality and the softer market backdrop, our branded business remained solid. Gross revenue was $9.3 million, or $8.8 million normalized for political and advocacy, compared with $9.8 million in the same period last year when normalized for political and advocacy. The expected softness in the non-political third quarter was further impacted by budget front-loading ahead of U.S. tariffs. Net revenue was $8.2 million, or $7.7 million normalized for political and advocacy, compared with $9.8 million last year when normalized for political and advocacy. This reflected a higher mix of programmatic transactions, which typically carries lower top-line net revenues by more efficient delivery.
Core advertiser-supported streaming revenue increased 2% year over year, excluding political and advocacy spending, demonstrating continuing stability in our foundational business and represented 76% of our gross sales mix for the quarter. Programmatic sales reached $1.9 million, representing 20% of consolidated gross revenues, highlighting strong adoption of automated buying for a new offering launched just this year. International sales grew 240% year over year, driven primarily by strong traction in the U.K., as our investments in the region continue to deliver strong returns. Gross margin was 59% compared with 60% last year, remaining stable even as programmatic scaled within the mix. Adjusted EBITDA was negative $2.2 million, compared with $2 million gain in the same period last year, reflecting continued investment in new product lines and international expansion.
Programmatic and international sales combined accounted for nearly 40% of our third-quarter consolidated gross revenues, highlighting the rapid scaling of our new offerings and geographies. Normalized for political and advocacy spending, year-to-date consolidated gross sales remained up 10% versus last year. Turning to capitalization, Sabio ended the quarter with $2 million in cash. During the quarter, we retired CAD 1.7 million of secured and unsecured convertible notes, and subsequent to quarter end, we completed a CAD 1.28 million listed issuer financing exemption offering. These actions strengthened our balance sheet while minimizing dilution in aggregate. During the quarter, our U.K. subsidiary entered into a receivables purchase agreement with Revamp Funding to complement our existing U.S. facility with SLR. This is a common liquidity tool in the ad tech sector.
In practice, it allows us to borrow against invoices already issued and campaigns already delivered on, giving us access to the cash sooner, much like a payday advance does for individuals. Our receivables continue to carry very low loss rates because our customers are primarily major global brands and leading advertising agencies. As those invoices are paid, the cash automatically goes towards reducing the loan balance, and we can draw again for working capital needs subject to availability. As a result, our facilities are continually being repaid and recycled as collections come in. Collectively, these stats position Sabio for flexibility and strength entering into 2026. Aziz, back to you.
Thank you, Sajid. This slide illustrates Sabio's long-term revenue growth trajectory, a compounded annual growth rate of 37% in non-election years and an annual growth rate of 60% in election cycles. Just to remind the call that next year is a midterm election cycle. The 2026 midterm election cycle is expected to be one of the largest streaming cycles in history. Sabio is entering this period with more products, more international reach, and significantly more programmatic scale than in 2022. We have the team in place heading into a political year, and we're well positioned to capture the uplift we expect from the 2026 midterm cycle. We believe Sabio is positioned to capture more of the demand than at any point in our history.
Since going public in 2021, Sabio has pivoted from mobile display advertising to ad-supported streaming, going from 40% gross margins to 60% gross margins, built a multi-product ecosystem, launched Creator Television, expanded internationally, strengthened our data measurement advantage through App Science, increased customer diversification and recurring revenue, and built a more stable and scalable revenue base. This evolution is a key driver of Sabio's resilience and growth potential. Our business model is now multi-product, multi-geography, data-driven, programmatic-first, anchored by cross-screen household graph through App Science that covers nearly 70% of the United States' streaming household. This model allows us to reach, engage, and validate audiences across the entire streaming ecosystem, a major competitive advantage as the market continues to shift to a measurable, automated, ad-supported streaming. In closing, core product remains strong despite macroeconomic headwinds. New product momentum continues to accelerate. International expansion is delivering meaningful results.
Programmatic demand is strengthening scalability and margins. In fact, our first quarter 2026 pipeline is up nearly 60% year over year. Advertising-supported streaming is entering a significant growth cycle driven by our stronger measurement, broader adoption, and improved global guidance. We're entering 2026 with a multi-product, multi-market, programmatic-first platform, the strongest sales pipeline in our history, a political cycle that aligns directly with our strengths in connected television and mobile video, key differentiating leveraging our 80 million cross-screen App Science data graph. We expect 2026 to reflect both structural growth in streaming and cyclical strength from our midterm election cycles. With our first quarter 2026 pipeline already up nearly 60% year over year, we believe Sabio is exceptionally well positioned for an acceleration in revenue and margin profile in the coming year. That concludes my remarks. Martin, I'm going to hand it back to you to begin the Q&A.
We will now open the line for questions. Analysts may raise your virtual hands, and those questions will be addressed first. Investors may submit their questions in the question and answer window. First question comes from Gabriel Leung.
Good morning, and thanks for taking my questions. As just on the growth and the programmatic side of things, are you finding that is coming at the expense of your managed services side of the business, whether in the past few quarters or sort of in the pipeline going forward?
Good morning, Gabe. Thank you for the question. As it relates to cannibalization, programmatic cannibalization as it relates to managed service, what we're finding is programmatic is actually our growth driver relative to cannibalizing our managed. What's happening in some instances, in a lot of instances, in fact, our managed service clients are telling us, "Look, there are pieces of the business that we need your help on managed service for, but you're leaving money on the table unless you do programmatic." That exactly was driven. Our move into programmatic was obviously driven by what we're seeing in the macro environment, but also specifically driven by clients telling us, "Listen, Sabio, we want to give you more money. If you start offering a programmatic offering, we're going to give you that opportunity to do that." We're seeing that.
In the big scheme of things, it's actually not cannibalizing our managed service. What it's doing is it's actually allowing us to take dollars we would not have gotten in the past. It is also the key growth driver in the sense that there are a lot of, with 90% of all ad-supported streaming now being bought and sold programmatically, it's opening us up for a lot more.
Gotcha. Thanks for that. In terms of the pipeline, I mean, clearly you're pretty bullish on what 2026 is going to bring, just given what the Q1 pipeline is looking like. I'm curious whether the front-end loading on the, in terms of ad spend this year, might impact seasonal trends for Q4.
We do not see it that way, and I will let Sajid get in here as well. Our view is that traditionally, Q3 and Q4 are strong quarters. What was different about this year, as I mentioned in my remarks, was the fact that our clients, a lot of our clients, started front-loading. We saw this in automotive specifically. Automotive and telco were essentially trying to get out of the way of the tariffs. What ended up happening is we talked about we were up 34% the first half of the year. That was driven, yes, our growth in programmatic, but it was also driven by front-loading. We believe there is, and we have heard this from our clients, we are seeing this in the macro environment, that there is a normalization that is now taking place. The tariffs are having less of an impact moving forward.
We're already seeing that in Q4. We're going to go back to a more traditional cycle. That traditional cycle is going to be where a lot of spending is going to happen in Q3, Q4 next year with political and, of course, retail spending. We're seeing great, strong momentum. In fact, what clients are telling us is that, "Look, Aziz, yes, we're spending in Q4, but we are now really already starting to shift our thinking into Q1." We're seeing earlier pipeline movement because of that. Like I said, our pipelines are up considerably. We had the best Q1 in company history, and we're now positioned to beat that record in this coming Q1 based off of everything we're seeing. Obviously, anything can change last minute with the macro environment. Thus far, we're seeing a lot of positive momentum.
Sajid, anything you want to add to that?
Yeah, I think that was very well captured by Aziz. I think that looking at Q1, a few things to keep in mind is that, number one, international did $244,000 in Q1 of this year. We already have $1 million in the pipeline for Q1 already, and that's being conservative. Programmatic, our new offering, as we saw in Q3, it scaled up fast to the point where it's already 20% of our gross mix in Q3. I mean, again, that is a new product launched just this year. For that to scale up that fast is really a testament to the demand out there. What's good about programmatic is that you don't typically see the drop-off you do in managed service between year-end in Q1. What it's doing for us as well is it's opening up new logos for us.
We saw 180% growth in new logos year over year, 54% growth in all logos who spent with us in the quarter combined. We are a much better company today than we were in Q3 and Q4 of 2023 going to the political of 2024 year.
Gabe, one other thing I'll add to that is what happened, and we knew this was going to happen, that as the tariff conversation started heating up, what took place is advertisers were more reluctant to do kind of the managed service commitments early. What they were likely to do is do some quick in-and-out programmatic deals. What traditionally happens in Q1, if you can imagine, we hit the holiday cycle. Clients are not making commitments as fast as they usually need to. What will happen is in Q1, you will see this uptick of programmatic last-minute spending that comes in and out. The key here is we are now able to provide our clients the ability to use Sabio in whatever platform, in whatever way they want to use it, which is conducive to growth. That is the great part.
That means that, and we see this now a lot, where in the past, we would have the request for proposal come down. It would be the cycle would take a good couple of months back and forth. We're literally walking into meetings, and the clients are saying, "Great, let's turn this on tomorrow." That's what we're seeing, which is great and it's exciting. It doesn't take away from the manager because that's where Creator TV is coming in. Creator TV is that unique opportunity that they also want to integrate into and figure out, "Listen, I need to be part of the social influencer ecosystem. How do I get there?" We're now giving them that opportunity, and that's where the managed service component will, in addition to our performance product. I mean, we can't speak enough about what is happening in programmatic. We're seeing exciting results.
That is primarily in the U.S. In the international markets, they still have a big preference for a lot of managed service as well.
That's great. No, I appreciate all the feedback.
Thank you, Gabe.
We will take questions from Daniel Rosenberg.
Daniel.
Hi, good morning, Aziz and Sajid. My first question just comes around the strong logo growth at 180%. I was just wondering if that's being driven by the new programmatic offering or the kind of expanding of new geographies. If you could provide some segmentation, that'd be helpful.
Thank you for the question, Daniel. Really, it's driven by a couple of different factors. First of which is, yes, we're seeing great expansion opportunity in a couple of, as we talked about, more than 40% of our revenue in Q3 was coming from our new product set, was the expansion. That includes international, that includes programmatic. That is driven by that growth factor that is programmatic and, of course, is going to be assisted with international. Also, Creator TV is adding to that. Separately from that, it's the election cycle that is about to take place. This midterm election cycle is on par to be one of the most hotly contested election cycles in history. You add to it, there's a California governor's race.
There's an LA City Mayor's race, which the last time there was an LA City Mayor's race, $100 million was spent. We didn't participate at all the last election cycle in the LA City Mayor's race. We are better positioned to go after all of those. It is a combination of these factors and the right pieces. The other part that I'd like to mention, Daniel, is the fact that about 60% of our sellers have been here less than a year. We are literally like, we've been training them, we've been putting them in place. Really, they're starting to scale up. All the pieces are really coming into play for next year, and we're super excited. There is no additional G&A added. In fact, we're going to look at cost efficiencies going into next year.
It is going to provide us an opportunity to really deliver some tangible EBITDA and net profit next year.
Thanks. In your prepared remarks, you used the word chaotic in terms of what you saw this quarter. I also hear you speaking about a strong strengthening kind of Q1 pipeline. I am wondering if that implies Q4 is also seeing these trends of just challenges and kind of chaos, the word you used. Any detail to share there?
Yeah, look, we did see, we're starting to see some normalcy return as it relates to Q4. We're feeling better about that. There are still some short-term challenges there. Overall, our Q4s traditionally have been strong, and this Q4 is not going to be any different. There are definitely challenges in Q4. In some cases, what's happening is our clients are opting to move into Q1. They're still spending in Q4. As you're already seeing with some of the retail spending that's coming out, there is a little bit of a retail pullback happening in Q4. Having said that, we do see a lot of elements of normalcy returning back to Q4. Sajid, anything you want to add to that?
Yeah, I think that was captured well. I think that, as Aziz mentioned, some of the challenges in Q3 did start to ebb a little bit into the beginning of Q4. Those conditions are dissipating. Q4 is traditionally the highest revenue quarter of our year, and we are seeing the same trends continue on this year.
Appreciate that. I'm curious about the programmatic offering. As you scale this, are you able to move the dial on the margin profile of it? You also mentioned some areas you're exploring to improve cost structure. Just how far or how much of an opportunity do you have to increase the profitability?
Yeah, I think that's a great question, Daniel. To answer your question first on programmatic, yes. We are seeing, as the year has progressed, the margins are improving on the programmatic offering. We expect that next year, a lot of the work that we'll be doing this year to increase that margin profile will be quite evident. Even saying that, we've been able to maintain 59%-60% margins this year while that's scaling up. That really bodes well for the picture of next year, 2026. On the cost structure, yes, we are continually fine-tuning the structure. It's worth noting that our operating expenses did decrease 2% from the prior year and on a sequential basis by 10% from the second quarter of 2025 when we normalize for sales commissions and bonuses.
I would expect further target efficiency to be implemented in the near term with the aim of getting a deeper margin as to what we would expect of ourselves in a political year. To answer your question about specific areas, if you look between Q2 and Q3, we did see an 8% sequential decrease in sales and marketing costs. There were certain headcount reductions and cut back on discretionary spend. One really key area is also cloud costs. That is an area that we really believe that we can find further efficiencies. It was a big contributor to our loss this year. Our cloud costs were up $1.5 million or 109% for the first nine months of the year. If you look at the trend between Q1 and Q2, those cloud costs were down 24%. Between Q2 and Q3, those costs were down 10%.
That is a very solid trend line. We believe it's headed in the right direction. We believe that we have certain measures that we can take to unlock further efficiencies.
In addition to that, while there's a lot of folks out there that talk about AI and don't actually implement it, we, on the other hand, are actually really automating a lot of processes internally, have used AI tools out there that are allowing us to now not have as many people in certain areas of the business. That trend is continuing. We haven't spent, if you look at our, obviously, our expenses as it relates to infrastructure, we haven't really spent a whole lot on AI. That doesn't mean we're not doing it.
We are taking a very measured approach in efficiency and deploying it where we can to streamline and automate some functions within our company to allow us to then expand top line and figure out how to start really boosting some of those EBITDA margins, fine-tuning that even more as we go into probably the best year in company history.
Last one for me. I was just curious on the inventory pricing. Any trends to speak about on securing inventory outside of the inventory you hold internal to Sabio? Just curious on pricing trends and kind of how much visibility you have.
We're seeing an overall, while we were obviously impacted and a lot of our companies in our size group were impacted by the tariffs in Q3, and that actually is beneficial as it relates to inventory pricing. We have seen some pretty big players drop pricing, which obviously impacts our price capabilities. The reality is our pricing ability, but the reality is it also benefits us as we're going into the cycle. The key differentiation is our App Science graph, that 80 million household graph. While other competitors simply sell inventory, we are selling targeted inventory with insights and capabilities that other folks don't have, other companies don't have.
We are seeing this time and time again that clients are saying to us, "Yes, we're willing to give you a premium, Sabio, because you're able to enrich this inventory relative to what other people are able to do." That is our competitive advantage, and that will continue benefiting us, even if inventory prices, which we were seeing, have a softness. There are some challenges there in that overall macroeconomic environment, especially as it relates to retail in Q4. We think that will benefit us. We're seeing the benefits of that. We are going into a cycle next year where we are able to see the opportunity to really fine-tune some margins and at least hold margins. We're not going to see kind of an increase in cost going into what we believe is a really solid election cycle.
Yeah, that's an important point that Aziz mentioned. The proof of what he said is in the numbers, right? We basically, despite seeing some top-line headwinds, were able to maintain strong 59%-60% gross margins. That shows you that we would not be able to maintain those margins if we did not have the pricing power on the demand side to be able to retain our CPMs to our customers, but also being able to take advantage of what is a broader macroeconomic turmoil in advertising where we are able to take advantage of lower CPMs on the supply side. Our ability to hold these margins despite our programmatic business scaling up bodes very well for next year because there are going to be more sales next year. Political is going to come back.
When you're able to maintain a strong gross margin, more of that just drops to the bottom line.
Great. Thanks for taking my questions, guys.
Thank you.
Our next questions come from Nicholas Cordalucci.
Hey, guys. Thanks for taking my questions here. Thanks for the presentation. First one here, just if you guys could explain the backlog or, sorry, the pipeline comment that you had about it being up 60% because that's a bit of a new number. What's included in that? How do you calculate that?
Saj, you want to take Nick, great to.
Yeah. Yeah. It's a great question. Our pipeline is based on actual conversations and actual proposals and actual I/Os signed for Q1. Our sales team basically inputs those metrics based on those discussions, based on those negotiations. At this point last year, again, in Q1 of 2021, Q1 of 2025, we had $244,000 of sales from international. We already have a pipeline that's over $1 million from international. That includes actual I/Os and negotiations in the event stages. What's been reassuring too is that if you look at the pipeline, kind of the lower stage ones are from international. Actually, the domestic business is performing quite strong. That was a point of more weakness in Q3 because of the tariff situation. We're seeing really the domestic business come on strong where we're seeing more I/Os coming in for Q1.
We're seeing more discussions at the event stages. I think that part of that is due to programmatic, although I would say that most of it's on the managed service side, which bodes even better because, unlike managed service, programmatic doesn't see the same kind of drop-off between Q4 and Q1. The fact that we're being led by managed service in Q1 at this point is a very positive sign.
Nick, just to add to that, this does not include any political efficacy. We are seeing this in our core brand business overall. That is before, which we are in the process of having conversations about political efficacy next year. That is before that. We are just seeing a tremendous amount of momentum overall, and to Saj's point, that includes dollars that we have already laid in. We are seeing projections coming out, and we are seeing a level of growth. Once again, as I mentioned, a vast majority of our sellers are fairly new, less than a year. The contributions that they are bringing now are taking effect into Q1, and you add in international. The product sets combined with all of these factors are helping us. That is before what we are seeing in the pipeline does not represent any political or efficacy yet.
That's a pipeline that is just driven by the core brand business.
Yeah. I think that to Aziz's point, we have been through this rodeo before, right? I think in Q3 and going to 2024, we had a challenging Q3 of 2023 and challenging in Q4. 2024 was a great year when that political came back. We saw strength in the pipeline in late 2023 as well for 2024. If you were to sell our stock at that point, you would have missed out on a 230% gain. I think what is different about 2023 and where we are right now is that we are way more diversified. We have way more growth pillars. We are geographically diversified and also from a product offering perspective too.
The fact, again, that we were able to scale up programmatic to the point where 20% of our sales mix in Q3 bodes very well for a political year where most political spending is done programmatically. We've been operating in a small pond that's held time in managed service. Now we're in a bigger pond. This will be the first year that we're operating in a bigger pond in a political year.
Got it. That's a good clarification. Appreciate that. Just my other question was if you guys could talk a bit about the balance sheet and what are the plans for the next couple of quarters.
Yeah. I think that's a good question. I think that the balance sheet is in good shape. I think that we just closed a small raise. We're raising CAD 1.3 million to shore up our working capital. We mentioned in the transcript, we were able to secure a new AR facility on our U.K. sales as well. Our U.K. sales are scaling up quite dramatically. Going into next year, we're in good shape.
Got it.
We also, by the way, ended the quarter with $2 million of cash, right? That equity offering that was done after quarter end was not included in that total.
Right. Nick, as we mentioned, there is a recovery taking place. Tariff impact is lessening. We're seeing a level of normalcy return back into our business. I mean, this Q3, it was like a there's things that, as I mentioned in my comments, you had front-loading taking place. Despite that, we were actually up, right? There is front-loading that took place this year that then clients were trying to get out of the way of the tariffs. That now is ebbing. We're starting to see some normalcy in Q4. To that point of the pipeline, the Q1 is now benefiting from all these new product sets that are taking place.
Perfect. All right. Thanks for answering my question, guys. Take care.
Thank you.
That finishes the questions from the analysts. Investors may submit questions in the question and answer window now. Our first question from investors is, what is the likelihood the company can achieve the results between now and the first half of 2026 using only cash flow generated from operations, i.e., not needing any additional external debt or equity financing?
We're feeling good about it.
Oh, sorry, Saj, let me start off with it. I mean, based off what we're seeing, as we talked about, the normalcy of Q4 is coming back. As Sajid had mentioned, there were some challenges as it relates to the first portion of Q4, but now it's getting back into its normal cycle. You add to that the pipeline that we keep referring to in Q1. It's strong. It is the strongest pipeline we have seen in the history of this company ever. We just had the best Q1 in company history and the best first half in company history. You add to that an even stronger Q1, and that really should say a lot to the marketplace.
Yeah, I think that was well said. I think, again, it's worth reiterating that we ended Q3 with $2 million of U.S. cash. That was before we did our equity offering. As Austin was mentioning in the transcript, we have a new AR facility in the U.K. as well. That's going to be very important because in Q1, we're already seeing quite a bit of strength out of the U.K. right now. We're going to be able to tap into that in Q1 this year for the first time. We didn't have this kind of AR line in the first part of 2025. I mean, we're always evaluating capital markets and balancing that off the ROI, the funds we could deploy. That said, we just raised money again, and we're not about to do anything at this point.
Thank you. Is there anything that Sabio competitors are doing and Sabio is not doing yet?
No, I think it's the other way around. I think we're doing a lot more than they're doing. I think there's no other company out there that has as full and as complete a tech stack. There's very few, if any, that have their own DSP, that have server-side ad insertion capabilities, that have analytics, that have their own streaming channel. There's just a few. There's one company called Roku. There's another one called Netflix. They don't even have all this. The reality is we're doing more than our competitors are doing. It is benefiting us. That takes investment. It takes patience. It takes execution. We have all three. I think what is happening is all three are going to come together in a harmonic way in Q1. I think the proof's in the pudding.
I mean, we will start accelerating and once again get back into market share taking. One of the things that I think sometimes is lost on investors is we take a bigger portion of political and advocacy relative to our size. We have done this year after year. Why that is, is because of our tech stack. It is not because we are nice guys and people love us. It is because we execute. We have had political clients tell us time and time again that we actually deliver better results than our competitors, much larger competitors. I know it is a long answer, but as you can tell my passion, we are driven by insights. We are driven by completion. We are driven by end results. We are driven by our client needs. Because of that, we are the only channel in the space. We are one of a few channels, including us, Tubi.
There's a couple of others that actually have ad-supported streaming led by the creator economy. No one can really say that outside of us and a couple of other companies out there. No one can certainly those companies can't talk about analytics. They can't talk about SSAI. They can't talk about some of the things we're doing on unifying programmatic. There's a lot of great tech capabilities we have that just we're excited. I think I'm hoping the market can understand that. If they can't, the proof's going to be in the pudding. That's really what we've always said. Saj, anything you want to add to that?
No, I think that was well, Katherine.
Thank you. There are no further questions from the audience. This concludes Sabio Holdings' third quarter 2025 earnings call. Thank you for joining us today.